Glencore profits soar 47pc on strong demand

ZURICH: Commodities giant Glencore said Tuesday its first quarter net profits soared 47 percent to $1.3 billion (900.5 million euros), boosted by strong demand for energy and metals.

Revenues reached $44.2 billion, up 39 percent compared to the same period last year.

The Swiss-based commodities giant, which was recently listed on the London and Hong Kong stock exchanges, said it "remains well positioned for 2011."

"Despite the recent commodity price volatility, the directors believe that underlying fundamentals across many of our key commodities are supportive and that economic activity and demand for commodities remains healthy," said Glencore.

Copyright AFP (Agence France-Presse), 2011